Various Entrepreneurial Traits Among Entrepreneurs All Around The World.

Entrepreneurship is defined as a process of taking risks to try to create a new empire, while an entrepreneur is someone who sees a new opportunity for a product or service and launches a business to try to realize it. Being a successful entrepreneur means that the ability of an individual to possess a right attitude and various desired traits to start a new venture and the determination to achieve success in his business.

A successful entrepreneur is not the one who merely set big goals and objectives, instead of that he should give a wholly commitment into the business to be succeed. He should able to analyse the strengths, weaknesses, opportunities and threats that existing in both internal and external environments of his venture. When encountering an obstacle, he should be optimism and always have a strong drive to overcome it by demonstrating all the entrepreneurial traits that he possessed.

The factors that driven an individual to join entrepreneurship are a burning desire and self-satisfication among himself, to achieve self-esteem, pursue of safety which is job securities, to achieve his goals and possess a full power in controlling the business himself. There are many qualities that make an entrepreneur to success in his venture. For example, an entrepreneur should be proactive, networked, team-oriented, open risk taker, observant, open culture, visionary, outcome-oriented and treats failure as an option.

PART (A)

Failure is an Option

The entrepreneurial trait of ‘failure is an option’ refers to a phrase which was made popular by Adam Savage, a co-host on a television series called MythBusters. It is indeed a phrase that carries a powerful ideology that every one of us should embrace. Richard Branson, the founder of Virgin Group, once said not all first ventures work out. It is how a beginning entrepreneur deals with the failure that sets that person apart.

The entrepreneur Walt Disney had demonstrated the trait ‘failure is an option’ throughout his journey of life. Throughout his life, Walt Disney had gone through a numerous time of failures. At the young age of just 22, Walt Disney had experienced his first bankruptcy as a result of his failure of a cartoon series back in Kansas City. In this city also Walt Disney was fired.

Walt Disney then founded Laugh-O-Gram Studios in Missouri following the success of Laugh-O-Grams. Unfortunately, Laugh-O-Grams cartoon did not generate enough income for the company to keep going. As a result, Laugh-O-Gram Studio went into bankruptcy later on.

Oswald the Lucky Rabbit came out to be a huge success created by Walt Disney after the failure of Laugh-O-Grams. The film was distributed by Universal Pictures with Walt as the character and from there Walt Disney became well-known in the animation world.

Walt Disney then moved on into creating Mickey Mouse as to replace Oswald the Lucky Rabbit after the ownership of Lucky Rabbit was stolen. When he tried to get MGM studios to distribute Mickey Mouse, he was rejected with the reason that the idea would not work as the giant mouse would terrify women. Not wanting to give up, Walt Disney later on, signed a contract with Columbia Pictures under Disney Studios to distribute his newly created cartoon Mickey Mouse which turned out to be a huge success and became increasingly popular internationally until today.

Walt Disney route to success was indeed a bumpy one. With all the failures he faced, he did not give up but instead he moved on with great persistence to achieve success.

                                                          Walt Disney

Open Culture

           The definition of open culture is a concept where knowledge is being spread freely and widely by sharing or through collaboration whereby everyone can have an equal access to information required without being restricted. People working in open cultures are also happier, more creative and tend to contribute more. These create more fun in the working environment which helps to increase their productivity.

           An example of an entrepreneur who practices the entrepreneurial trait of open culture is Daniel Tenner, the founder of GrantTree in 2000. In GrantTree, open culture is being practiced by having a total transparency across the entire organisation. The transparency is shown by their communication to their salaries as a way of trusting each other in the organisation. This definitely helps to break down the hierarchal barriers which often found in many companies out there which indirectly also helps to increase the effectiveness of the team.

GrantTree also makes things happen efficiently and quickly by getting out of each other’s way and working together in one direction pushing from one side rather than all sides to provide client with the best potential they have. GrantTree consists of only 23 members has a high turnover of £1.3m in a year and is aiming for a higher turnover in the coming year of £2m.

                                                        Daniel Tenner

Networked

Networked in entrepreneurial trait means a social organizations offering variety of resources that can help to increase the entrepreneur knowledge and improve the performance of the business or projects.

Bill Gates and his friend, Paul Allen contacted a company namely Micro Instrumentation and Telemetry System (MITS), a small company in Albuquerque. MITS was really need someone to develop software and asked the boys to do a demonstration. Bill Gates and Paul Allen were spending about two months on the software, after that they test it at MITS. The result came out was perfectly. Bill Gates and Paul Allen were been hired to work in MITS. In 1975, Bill Gates and Paul Alllen formed a partnership that is called “Micro-Soft”, a blend of microcomputer and software.

Bill Gates met with IBM through his mother, Mary Maxwell. Bill Gates received an offer from IBM to create an operating system for the world’s first personal computer. But, he refused to do it because did not have any draft for creating operating system at the moment. Therefore, Bill Gates recommend IBM for require help from his company’s competitor, Digital Research, which support the development of the operating system for IBM personal computer. As the same time, Microsoft buys a crude operating system 86-DOS and hires Tim Paterson, the creator of 86-DOS. Finally, Microsoft refined 86-DOS and create MS-DOS to the world which is used in operating system for IBM personal computer.

            In conclusion, Bill Gates can managed to keep Microsoft company on going and created many products that recognised by public as a world standard level. This achievement make Bill Gates to become one of the most successful entrepreneurs.

                                                            Bill Gates


Visionary

Visionary is a person who has the ability to imagine how a country, society, industry and others will develop in the future and to plan in a suitable way. Alan Mulally, CEO of Ford Motor Company come with the vision for the future of the company and began implementing it day one. He wants to turnaround the Ford company from the brink of bankruptcy to the forefront of growth on the automotive industry.

Alan Mulally implemented the “One Ford” innovation plan means to bring all the employees together as a global team and was listed as One Team, One Plan and One Goal. The plan depended not only on visionary thinking and new products, but also on the ability of a company to propel new thinking from one team to another, one function to another and one partner to another.

Alan Mulally set a vision that the mobility company vision. He realized that the future of Ford not only resting the technology on its vehicles, but get developed products and partnerships with powerhouse in the consumer electronic industry to turn their cars and trucks into mobile entertainment and communication centre.

Alan Mulally created a new set of goals and a revised definition for the company. The four goals were labelled as “ Expected Behaviour ” that is Foster Functional and Technical Excellence, Own Working Together, Role Model Ford Values and Deliver Results. These goals can let the information were sharing, improving collaboration and allowing for innovation success.

As a result, when Alan Mulally first joined to Ford company, he did not have any experience on automotive industry. But, he worked hard with support of expertise and track record to turn the company around. He realized that it is important to change the culture to grow people and business.

                                                               Alan Mulally

Open Risk Taker

          An open risk taker can be defined as an individual or business that tends to behave in a way that can potentially cause physical harm or financial loss, but might also present an opportunity for a rewarding income.

After he graduated his study, he had a fixed high salary paid. However, he was choosing to leave his job and move into the uncertain world of airline industry due to pursuit his dream. Tony Fernandes was willing to develop Low Cost Carrier at the beginning. Low Cost Carrier known as no frills, no discount or budget carrier. Many people assume that he did not achieve what a dream without capital, network, knowledge of it or various other reasons that ultimately make them stop trying. Tony Fernandes believes that Low Cost Carrier can be work in Southeast Asia and want to make all the Malaysian can board on plane at an affordable price with a slogan “ Now Everyone Can Fly ”.

He purchased AirAsia company with the debts worth RM40 million (USD 11 million) and clear all the debts by saving cost like eliminate the travel agents commission, online ticketing, charged for the meal in flight and ensured frequent flight. His determination has been proved that he can do it and make AirAsia is the one of the most success low cost airline in the world.

           AirAsia become a fast-growing airline and rewards World’s Best Low Cost Airline and Best Low Cost Airline-Asia. Although the company had a financial problems, he willing to take the risk and turn into his biggest achievement in his life. He proof that taken a risk is not foolish action but it can be an opportunity to success.

                                                           Tony Fernandes

Outcome Oriented

Outcome oriented entrepreneurial trait is a term that describes an organisation or individual that focuses on the result rather than the processes. Outcome oriented is also known as result oriented. The entrepreneur with this trait will focus on achieving maximum result from their efforts in business by working towards clear and measurable targets or goals which are usually long-term.

The entrepreneur that shows outcome oriented trait is Oprah Winfrey. Initially, Oprah worked as an anchor at a local TV station that led her to another job as a co-anchor at WJZ-TV News. Being given the talent in the broadcasting, Oprah has goals to continue in broadcasting field. She devoted 7 years into making the show successful.

She then received an offer to host a morning show in Chicago. The show, AM Chicago, turned out to become one of the most acclaimed TV shows. Later on, Oprah renamed the show to The Oprah Winfrey Show and started to be broadcasted on a national level.

Oprah’s passion then led her to produce entertainment programs under her own production company named Harpo which was spelled backward. Soon, Harpo Productions Inc. owned the production rights of the show, The Oprah Winfrey Show. Oprah also co-founded a cable station named, Oxygen and managed to make a change by replacing Discovery Health Channel to OWN: Oprah Winfrey Network which was launched in 2011.

Oprah once said, “You become what you believe”. Oprah’s passion and belief in her abilities had brought her to where she is today. By having clear and ambitious goals as well as passion in broadcasting, Oprah’s was able to concentrate fully on achieving her dreams. Thus, her success in broadcasting media is the result she had achieved as an entrepreneur that is outcome-oriented.

                                                 Oprah Winfrey

Observant

To become a successful entrepreneur, one of the characteristics that need is to be an observant. A successful entrepreneur is alert and receptive of their environment. They are able to notice even the smallest changes and problems in a system. Being observant is very important because it allows to notice the things that other entrepreneurs can’t. They know how to plan, analyse, draw up dan take every opportunity in their business through observing.

This characteristic can be seen in Jeff Bezos, an American entrepreneur that is famous for his creation of Amazon.com. Jeff Bezos was born on January 12, 1964, in Albuquerque, New Mexico. In childhood, Jeff Bezos showed his interest in the work. He turned his parents' abandoned garage into a laboratory and installed electrical appliances near his home. He then moved to Miami with his family as a teenager. He developed a love for computers and graduated excelled of his high school.

He started the Dream Institute, which was his first business. The Dream Institute was an educational summer camp for fourth, fifth and sixth graders during high school. This is where his observant trait is seen. He seeks his interest in computers at Princeton University, where he graduated his degree in computer science and electrical engineering in 1986. After he graduate, he works at several firms on Wall Street. He becomes the D. E. Shaw company’s youngest vice president in 1990. Although his career in the financial sector is very successful, but he chooses to move into his interest in the world e-commerce. In 1994, Jeff Bezos quits his job. He moved to Seattle and targeted the undeveloped potential of the internet market by open an online bookstore. He opened Amazon.com on July 1995, an online bookstore which is fictitious that become one of the biggest success story of Internet.

The company's initial plan is successful in 1995.  Amazon.com sell books across the United States and in 45 foreign countries within 30 days with no press promotion. The sales reached $20,000 a week in 2 months. Because of his observant trait, he managed to open an online bookstore and started his successful story of Amazon.com.  His observance had brought him more than he thought.

                                                       Jeff Bezos

  

Team Oriented

There are some successful enterprises that cannot be carried out alone. The cooperation of a team can improve the operation efficiency of the company. By starting a firm with a team, more issues will be reviewed.  Everyone has their own strengths and weaknesses, so they can point to each other's outcome. An entrepreneur may ignore information that are critical to success. In other words, entrepreneurs will lose themselves in their own world and possible excessive self-confidence. Through the team, more problems can be solved. These allow the other team members point out important issues which are overlooked by the other member. Because a team combines more competencies, it should lead to a more successful entrepreneurial firm.

An entrepreneurial team combines the skills and experience of each member. They do not need to face or solve the problem alone. They can help each other to solve the problem. Entrepreneurs build teams to help them expand their business. They realize that build a company alone was not a simple matter. They also realize that they can get their best ideas from team members.

This characteristics can be seen in Peggy Swartchild and Carol Levy. They are highly successful entrepreneurs, both independently and together. They co-operated a company maned Co-Owner of Material Possessions.

Since 1977, Peggy Swartchild flourishes in her three-decade long love affair with Material Possessions, the home decor store that she has proudly. She began to like the design from a young age. She spent her younger years as a Spartan at Michigan State University, make perfect in her decorating skills as an Interior Design and Art History major. After that, she joined Roz Maillin, which is a well-know Chicago design firm. She partnered with Carol Levy in 1983. Peggy's creativity have resulted in stores full with high quality stuff, timeless pieces that not only look gorgeous, but also serve a function.

Carol Levy studied at Smith College in Northampton, Massachusetts until she moved to and ultimately graduated from Northwestern University. After the success of her real estate career, Carol decided to put her business instincts for creative use sharpened by her experience. Coral become Co-Owner of Material Possessions with Peggy Swartchild in 1983. She made the store to expand to a downtown Chicago location with her creative combination of entrepreneurial spirit and imagination.

Peggy Swartchild and Carol Levy opened a second location in Chicago with the high-end department store, Stanley Korshak in 1983. 37 years later, Peggy and Carol have their dream store steps away from Chicago's Magnificent Mile in the heart of Chicago's Gold Coast neighbourhood. Thus, they success in theirs business is the result they had achieved as an entrepreneur that is team-oriented.

                                          Peggy Swartchild and Carol Levy

Proactive

To become a successful entrepreneur, one of the characteristics that need is to be proactive. In organizational behaviour, proactivity behaviour by individuals refers to self-initiated behaviour in situations. Proactive behaviour is the action before the situation occurred, rather than the reaction began to occur. It means taking control when the things happen rather than just adjusting to situation or waiting for something happen. Proactive people usually do not need to be asked to take action, they will automatically spontaneous.

This characteristic can be seen in Tan Sri Dato Loh Boon Siew, a Malaysia  successful entrepreneur that is the founder of Honda. He was born in Fukian province in China on 1916. He has no formal education and just could speak only Hokkien. He did not have the opportunity to learn at school because his family was in poor financial condition. Because his family's financial situation led him to start collecting animal dung as fertilizer and fishing then sell it to gain more income for his family.

After that, Tan Sri Dato Loh Boon Siew arrived in Penang with his five friends from China in age of 12. He worked as a trainee car mechanic when his arrival. He also work as a bus cleaner with 10 cents per bus as wages in night. When he was 18 years old, he began to be interested in creating his own business. He tried to change the status quo and to achieve his ambition. He saved his litter salary day by day. With his saving, he could buy a few of mechanic tools that costed RM 10 and 8 buses that costed RM 200. After that, he repairs the buses that he's brought to become a bus that can be used to bring passengers. These buses brought him a relatively fixed income, which is RM1.20 until RM1.40 per day. He kept these revenues as the capital of his business. He owned 40 buses, battery and automobile spare parts shop in 7 years. He expended his business by opening a second-hand car shop and become an agent distributor of British motorcycle after the end of The Second World War.

During the way to become a successful entrepreneur, he shows the proactive entrepreneurial traits. An example of the later in 1950, his being proactive was his decision in bringing in motorcycles from Japan to improve the people’s lifestyles. This happens when he visited Osaka, Japan in 1954. He founds a motorcycle with a Honda brand that he has never seen in Malaysia. He decided to order 12 units of the Honda brand motorcycle back to Malaysia. He sold the motorcycle to his friends with original price after he back to Malaysia.

Although his idea did not gain much support from the public at first, but he never gives up and show the proactive trait to resolve all the problems. He continued to promote his motorcycle. Finally, he succeeded. The Honda Motorcycle becomes everyone’s favorite mode of transport in 1963. 

                                           Tan Sri Dato Loh Boon Siew

Part (B)

BIOGRAPHY- DATUK JIMMY CHOO

Jimmy Choo who is an entreprenenur in the field of shoes designing. His real name is Choo Yeang Keat, who had been awarded the title of “Officer of the Most Excellent Order of the British Empire” OBE by the Queen of England, Queen Elizabeth II in 2002, is a Malaysian fashion designer based in the United Kingdom. He is the co-founder of Jimmy Choo Limited, and best known for its handmade women’s shoes. He was born into a family of shoemakers and this enables him to be exposed to the knowledge of making shoes since his early life. Because of the influences and teaching efforts from his father Chew Kee Yin, he managed to make his first shoe when he was 11 years old.

Datuk Jimmy Choo managed to further his studies in the field of shoes designing at London, and he successfully graduated from Cordwainers Technical College, Hackney in 1983. He also attended a London College of Fashion during his studies in London. Datuk Jimmy Choo then rented an old hospital building to be his first shop at Hackney which was opened in 1986. His designs in an eight-record were being published in Magazine Vogue in 1988. After that, his name became more well-known and he managed to obtain worldwide recognition when he received sponsorship from Princess Diana, the Princess of Wales in 1990.

Entrepreneurial Traits of Datuk Jimmy Choo
1. Open Risk Taker

An entrepreneur who dares to behave in a way that can potentially cause physical harm or financial loss to the company is known as a open risk taker. We know that the higher the risk, the higher the return. This can be true when we are able to evaluate and manage the risks properly. The main element in entrepreneurship is risk-taking so that the business has an opportunity to be developed.

           Datuk Jimmy Choo shows the traits as an open risk taker because he was willing to accept the risks when his company is still a minifirm with small operation where he made 20 pairs of handmade shoes a week. his entrepreneur traits as an open risk taker was shown when he decided to sold half of the company to Equinox Luxury Holdings in 2001. Datuk Jimmy Choo was brave enough to make this descision as he did not worry about whether he would suffer a enormous loss of money after selling the 50% shares.

2. Failure Is An Option

Every business has the probability to encounter a failure especially at the inception period, and no entrepreneur wants to fail. However, failing is inevitable on the way to success. Failing shows that we actually do something instead of just sitting in the comfort zone. A successful entrepreneur is able to deal with failure calmly and rationally.

          Datuk Jimmy Choo had faced a hard time during his studies at London as he tried to pay the remaining school fees for three years by himself when his father agreed to pay only for the first year of his studies. He once became a part time worker in a restaurant and shoe factory, and he had to do the odd jobs in order to survive by himself and cover his living expenses and fees. After graduation, he rent an old hospital building in London to open his first factory, Lucky Shoes and then James Shoes before renamed it by using his name. Datuk Jimmy Choo had endured his worst four years in his life as the sales of shoes are very poor at that time. Thus it is clear that Datuk Jimmy Choo is an entrepreneur who has experienced many failures but eventually success today.

3. Outcome Oriented

Outcome oriented can be defined as a person or team works hard to achieve good results in the tasks that they have been given. Jimmy Choo was an outcome oriented entrepreneur. It can be seen when he designed his shoes, he is very concern about in setting up the shoe mold comprising the top heel, in order to make sure that the site and his shoes so that the consumer wear his made shoes comfortably and safely while wearing high-heeled shoes. It can show that Jimmy Choo is the one cares about the tiny things and it can show that he is an outcome oriented entrepreneur. Moreover, his business had also expanded to handbags and other accessories. As a result, his outcome oriented make him receive a lot of honors and awards.

4. Visionary

Jimmy Choo is working with government to provide more education for more and more young people in order to provide a platform for youth to promote Malaysia’s education to all around the world. He showed his vision to promote his lovely country and also he wants to help the youths to get higher achievements by giving them education about designing. In 1999, before the Oscars held a week, Jimmy Choo and Mellon Tamara helped the actress to design their shoes but in condition of they needed to wear the shoes that Jimmy had designed for them embark on the red carpet. As a result, Jimmy Choo become more famous. After that, Jimmy Choo has been preached “Every girl dreams of a pair of Jimmy Choo” . He show his vision and this have made even strictly follow the traditional Indian bride wearing saris, wedding day will wear Jimmy Choo.

5. Networked

The word “Network” means a group of people or organizations that are closely connected and that work with each other according Meriam-wbster Dictionary. A successful entrepreneur must have a strong network in order to get easier during his or her career. Datuk Jimmy Choo has showed his trait of networked during his successful career.

He faced some problem in selling his designed shoes before 1988. After that, one of the Vogue’s editor (Jimmy’s alumni) moved her office to opposite of his shop. His designed-shoes were spotted by the editor. The editor felt amazed and made eight-page special report for his designed-shoes. As a result, the name of Jimmy Choo began to be recognized. After that, he started his company with Mellon Tamara, who is a British fashion designer, businesswoman, and magazine editor. They started their company (Jimmy Choo’s company). One day, he received the invitation from Princess Diana. She invited Jimmy Choo to make a pair of shoes for her. During 1990 until Princess Diana’s death in 1997, she asked Jimmy Choo to make shoes for her. Start the day with a dress sandals, evening shoes later. Princess Diana even invited Jimmy Choo to celebrate Christmas at Kensington Palace. It can show that his networked had brought him to his peak on that time.

In a nutshell, a successful entrepreneur is an open risk taker and he does not afraid of failure. As Jeff Bezos said before, “I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.” This shows that a sucessful entrepreneur must be ready to take risk and not afraid of failure. On the other hand, he should be visionary, networked and focus on the outcomes. Just like Joe Love had mentioned that “The entrepreneurial vision is not about creating new products or services. It is all about creating a better way of doing something that enriches people’s lives.” Also, they tend to be proactive, observant, open culture and emphasize on teamwork. By having all these entrepreneurial traits, the entrepreneurs are able to start up a new business, to earn extra income, to make difference with others and even to make changes to the world thus improve the world to be better.